|
|
4/10/15
|
Scott Clark and Kostas Kavayiotidis in Pacific Southwest Realty Services’ Los Angeles office have closed an $8.85 mil loan secured by a self-storage complex in Chatsworth, CA.
The property contains 724 units in five two-story buildings that were built in 2007. The borrower is the original developer of the property, situated in the western San Fernando Valley.
The loan has a 10-year term with a 29-year amortization schedule and an interest rate of approximately 4%. In addition, the first 12 months are interest only. There are no impounds or reserves and the loan-to-value ratio is 65%.
Commenting on this debt placement, Kavayiotidis said, “The property has operated very well during the past few years and we found a life company that was able to underwrite the upward trajectory in NOI due to the quality operations and improvement in the economy.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
